Preheat the oven to 180C / 350F and grease or spray and 23cm ring cake pan.
Separate the eggs and put the egg yolks in a food processor or electric mixing bowl with the sugar, water, vanilla and oil. Mix until combined.
Sift the flour, baking powder and spices over the bowl and mix / process until smooth.
In a separate bowl beat the egg whites until stiff.
By hand stir the beet, carrot and nuts through the mix, and gently fold through the egg whites.
Fill the cake pan and bake for 40 – 50 minutes until the cake has turned brown, is firm to the touch and when sharp knife comes out clean.
Allow the cake to cool in the tin and make the frosting.
To make the frosting – beat the sugar, butter and caramel until pale and fluffy. Add the cream cheese and continue beating until the mixture is smooth and the sugar granules have worked out.
Spread a thick layer all over the cake and decorate with a few extra chopped nuts.